80.2K

Verified Solution

Link Copied!

Here are the comparative income statements of Splish Brothers Corporation. SPLISH BROTHERS CORPORATION Comparative Income Statements For the Years Ended December 31 December 31, 2022 Net sales $651,000 Cost of goods sold 449,000 Gross profit 202,000 Operating expenses 146,000 Net income $56,000 December 31, 2021 $488,000 368,000 120,000 101,000 $19,000 Prepare a horizontal analysis of the income statement data for Splish Brothers Corporation using 2021 as a base. (If amount and percentage are a decrease show the numbers as negative, e.g. -55,000, -12.1% or (55,000), (12.1%). Round percentages to 1 decimal place, e.g. 12.1%.) THERS CORPORATION Income Statements Ended December 31 Increase or (Decrease) During 2022 Amount Percentage December 31, 2022 December 31, 2021 $651,000 $488,000 $ 163000 33.4 % sold 449,000 368,000 81000 22.0 % 202,000 120,000 82000 68.3 % penses 146,000 101,000 45000 44.6 % $56,000 $19,000 37000 194.7 % Prepare a vertical analysis of the income statement data for Splish Brothers Corporation for both years. (Round percentages to 1 decimal place, e.g. 12.1%.) SPLISH BROTHERS CORPORATION Comparative Income Statements For the Years Ended December 31 2022 $ 2021 Percent $ Percent Net sales $651,000 % $488,000 % Cost of goods sold 449,000 % 368,000 % Gross profit 202,000 % 120,000 % Operating expenses 146,000 % 101,000 % Net income $56,000 % $19,000 %

Answer & Explanation Solved by verified expert

See Answer